The global roofing systems market is experiencing high demand owing to rapid urbanization and infrastructure development activities across both developed and emerging nations. A roofing system refers to the covering of a building structure's uppermost section and its purpose is to weatherproof the building from rain, snow, wind, sunshine, and fire. Some of the common roof materials include asphalt shingles, clay tiles, concrete tiles, metal roofing, thermoplastic polyolefin (TPO) membranes, and ethylene propylene diene monomer (EPDM) rubber roofing. The global roofing systems market is estimated to be valued at US$ 133.67 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The rapid rate of urbanization across developing regions is the key driver propelling the growth of roofing systems market. According to the United Nations, currently 55% of the world's population lives in urban areas and is expected to increase to 68% by 2050. The massive housing demand from growing urban populations has led to increase in residential construction activities worldwide. Further, large-scale infrastructure projects such as roads, airports, railways, stadiums etc require extensive roofing, thus supplementing the market growth. However, fluctuating raw material prices remains a challenge for roofing systems manufacturers and their margins. The volatility in prices of bitumen, polyvinyl chloride (PVC), and fluoropolymers can adversely impact the production cost of roofing membranes and sheets. nevertheless, development of bio-based roofing materials using agricultural waste provide new opportunities for players in this market.

SWOT Analysis

Strength: Roofing systems provide weatherproofing and protection for buildings. Several material options allow for flexibility in meeting different design and performance requirements. Installation of roofing systems involves trained professionals, ensuring quality workmanship.

Weakness: More expensive roofing materials can increase upfront construction costs. Complex roofs with many components require greater expertise during installation. Improper installation can compromise the weatherproofing function over time.

Opportunity: Growth in new construction projects to meet rising housing needs boosts demand for roofing systems. Replacement and retrofitting of aging roofs in existing buildings also creates opportunities. Increasing concerns about energy efficiency can support demand for roofing materials with insulating properties.

Threats: Availability and price volatility of raw materials used in roofing systems poses risks. Stricter building codes increase performance standards that some existing solutions may not meet. Changes in weather patterns may impact design requirements in some regions.

Key Takeaways

The global Roofing Systems Market Growth  is expected to witness high growth over the forecast period of 2023 to 2030. The residential construction segment accounts for the largest share currently.

Regional analysis
The Asia Pacific region dominated the global roofing systems market in 2023 with largest market share of over 35%, and this trend is expected to continue during the forecast period as well. China, India, Japan and other Southeast Asian countries are rapidly urbanizing with massive infrastructure development programs. This coupled with initiatives to enhance building energy efficiency is propelling demand for roofing systems in the residential, commercial and industrial construction segments. Governments are also supporting use of sustainable materials through policy measures, favoring market growth. However, North America and Europe are anticipated to exhibit steady growth owing to focus on roof repairs and renovation projects in existing buildings.

Key players
Key players operating in the roofing systems market are focusing on capacity expansions, new product launches and mergers & acquisitions to strengthen their market position. Waifair LLC commands a major share through its wide distribution network across the United States. Westminster Teak Inc.

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